Buying a home is a major investment no matter which way you look at it. But for many Utah County home buyers, it's an even more expensive process than it needs to be, because many fall prey to at least a few of many common and costly mistakes: getting trapped into paying too much for a home in Utah County, losing their dream home to another buyer, or worse--buying the wrong home for their needs. A systemized approach to the home buying process can help you steer clear of these common traps, allowing you to not only cut costs but also buy the home that's best for you. This important article discusses the most common and costly of the house buyer traps, how to identify them, and what you can do to avoid them.
What price should you offer on a Utah County home? Is the seller’s asking price too high, or does it represent a great deal? If you fail to research the Utah County Real Estate Market in order to understand what comparable homes are selling for, making your offer would be like bidding blind. If you are not a knowledgeable buyer, you could easily bid too much or fail to make a competitive offer on an home. Please consult with Team Teasdale Realty before buying a home in Utah County. Team Teasdale Realty will help you do a CMA (Comparative Market Analysis) on the home you are buying in Utah County.
What are you looking for in a home? Don't settle on a home that is just okay. Find a home that you are excited about. Make sure you purchase a home in the school boundaries and area you like. If you are buying a fixer upper understand the costs it will take to make the home fit your needs.
Getting a prequalification letter is fast, easy, and free. When you have a pre-approved mortgage, you can shop for your house with a greater sense of certainty, knowing that the funds will be there when you find the house of your dreams. Having a pre-qualification or pre-approval letter in hand when making an offer is necessary if you are serious about buying a home.
If a seller fails to comply to the contract by neglecting to attend to some repair issues, you could face some delays in the final closing and settlement. Agree, in the purchase offer, on a dollar amount for an escrow fund to cover items that the seller fails to do in a specified amount of time. Prepare a list of the issues and check them off one by one as they are done.
When a transaction closes, you will sometimes find fees for this or that sneaking through after all the regular “fees.” It could be loan disbursement charges, underwriting fees, special property taxes, etc. When buying a home in Utah County make sure to double check your charges at the closing table. Team Teasdale Realty Team will carefully review your HUD Settlement Statement. We attend all of our closings and frequently find errors and overcharges in the closing documents.
Take your time during this critical part of the process and insist on seeing ALL the paperwork the day before you sign (at least one day before--the more the better). In fact, a title company is required to provide these documents 24 hours prior to signing if you wish. Make sure everything perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. If you wait to do this on the day of closing, you may run into a last minute snag that you can’t fix without changing the terms of the deal or, worse, the sale itself. Finally, make sure the property has a clear Utah County title (no tax liens, leases, etc.), that you have an updated property survey which clearly marks your boundaries, and that you conduct a thorough inspection of the house early in the process.
When buying a home in Utah County make sure you get a home inspection. A home inspector in Utah County costs a buyer about $350. A home inspector typically takes between 2-4 hours inspecting a home. This will be the best money you spend when buying a home. A home inspector can find material defects with the home you may never discover for years. It is better to know what you are getting yourself into when buying a home in Utah County. Once in a while a buyer will elect not to get a home inspection. This is not common. In fact, I think about 90% of buyer's get a home inspection when buying a home in Utah County. 10 Biggest Mistakes Buyers Make When Buying a Home in Utah County
